Credit card apr

DCFC79

Have a question regarding a credit card.

A credit card I have has an apr of 12.9%, if I used it would the 12.9 be applied each day ?

Thanks

YorkshireBoy

Monthly rate x 12 / 365

Or if you know the annual non-compounded rate (which is 12x the monthly rate), otherwise known as the simple rate...

Simple rate / 365

DCFC79

YorkshireBoy wrote: »

Monthly rate x 12 / 365

Or if you know the annual non-compounded rate (which is 12x the monthly rate), otherwise known as the simple rate...

Simple rate / 365

Ok thanks

Its also a 0% card for overseas spending so trying to work out whether its cheaper to buy in euros or buy from Amazon uk.

As for the non compound rate I have no idea.

YorkshireBoy

DCFC79 wrote: »

As for the non compound rate I have no idea.

Your paperwork will give the monthly rate and/or the simple rate in addition to the APR.

DCFC79

YorkshireBoy wrote: »

Your paperwork will give the monthly rate and/or the simple rate in addition to the APR.

Ok thanks, Ill have to find it or give them a call.

Thanks for the help.

eskbanker

DCFC79 wrote: »

A credit card I have has an apr of 12.9%, if I used it would the 12.9 be applied each day ?

DCFC79 wrote: »

Its also a 0% card for overseas spending so trying to work out whether its cheaper to buy in euros or buy from Amazon uk.

Not sure if I'm missing something obvious here but if you pay the balance in full by the due date then you wouldn't incur any interest at all!

DCFC79

eskbanker wrote: »

Not sure if I'm missing something obvious here but if you pay the balance in full by the due date then you wouldn't incur any interest at all!

Thanks, I'm not sure to be honest. Ill get an answer when I call tomorrow.

Would looking on a previous bill provide me with an answer ? A recent statement doesn't list any interest charged.

eskbanker

Apart from one odd exception whose name escapes me just now, any mainstream credit card works on the basis that if you pay your statemented balance in full by the due date (usually about 2-3 weeks after issue) then you won't need to pay any interest, unless there are any specific transactions which incur interest, such as cash advances. Normal purchases will be fine, and if you have 0% on non-sterling ones too then you shouldn't pay any interest here....

Do you normally pay your credit card balance in full and/or do you normally incur any interest?

YorkshireBoy

eskbanker wrote: »

Apart from one odd exception whose name escapes me just now

It was Lloyds (and TSB) Advance, but I'm not sure either are still available to new customers?

DCFC79

eskbanker wrote: »

Apart from one odd exception whose name escapes me just now, any mainstream credit card works on the basis that if you pay your statemented balance in full by the due date (usually about 2-3 weeks after issue) then you won't need to pay any interest, unless there are any specific transactions which incur interest, such as cash advances. Normal purchases will be fine, and if you have 0% on non-sterling ones too then you shouldn't pay any interest here....

Do you normally pay your credit card balance in full and/or do you normally incur any interest?

I normally pay it in full.

PeacefulWaters

DCFC79 wrote: »

I normally pay it in full.

As long as you've got no cash / gambling type transactions and you cleared the balance in full the previous month, there should be no interest charges on your purchases, regardless of currency, if you continue to clear balances in full.